OTHER RECEIVABLE

9 Months Ended

Sep. 30, 2011

OTHER RECEIVABLE [Abstract]

OTHER RECEIVABLE

NOTE 5. OTHER RECEIVABLE

On June 25, 2010, the Company entered into an acquisition and license agreement (the “Agreement”) with Strakan International Limited and Zindaclin Limited, a subsidiary of Crawford Healthcare Limited, a pharmaceutical company based in England.  Under the terms of the Agreement, Zindaclin Limited will pay up to $5.1 million for the exclusive product rights to Zindaclin®, a zinc clindamycin for the treatment of acne, which consideration will be shared equally by Strakan International Limited and ULURU.  Guaranteed payments of $1,050,000 are scheduled to be received by the Company, of which $550,000 occurred in 2010, $250,000 occurred in 2011, and $250,000 will occur in September 2012.  The receipt of the full $5.1 million purchase price will be dependent on product approval in the United States.

Other receivables consisted of the following at September 30, 2011 and December 31, 2010:

	September 30, 2011						December 31, 2010
Payment obligation due:	Gross Receivable		Imputed  Interest		Net Receivable		Gross Receivable		Imputed  Interest		Net Receivable
2011	$	---	$	---	$	---	$	250,000	$	3,570	$	246,430
2012		250,000		5,446		244,554		250,000		10,872		239,128
Total	$	250,000	$	5,446	$	244,554	$	500,000	$	14,442	$	485,558